Shares of the Mumbai-based commodity exchange Multi-Commodity Exchange of India (MCX) in intra-day trade rallied more than 5%, jumping to a fresh 52-week high of Rs 2,149.50 per share on the BSE.
The gains in the stock were a result of the markets regulator, the Securities Exchange Board of India’s (SEBI’s) technology panel. The SEBI Technical Advisory Committee gave its go-ahead for the implementation of the new Commodity Derivatives Platform (CDP).
The decision was initiated after MCX and Multi-Commodity Exchange Clearing Corporation Ltd (MCXCCL) submitted their replies on the issues put forward by Chennai Financial Markets and Accountability on CDP.
Previously, on September 29, 2023, SEBI had asked the exchange to put on hold the proposed go-live of its new CDP, which was planned for October 3, 2023. Now, it is stated that MCX is likely to propose October 16, 2023, as the go-live date of the new platform.
In the past seven trading sessions, the stock has gained around 5%, while the stock’s 1-year return surged to 60.7%. Similarly, the 52-week low and high prices of the stock are Rs 1,285 and Rs 2,150 per share, respectively.
In the June quarter, the company’s total revenue stood at Rs 166.2 crore as against Rs 118 crore in the corresponding period in 2022. However, the net profit during the same period witnessed a dip from Rs 41.5 crore in the first quarter of the financial year 2023 to Rs 19.7 crore in the Q1FY24 period.
MCX, with a market valuation of Rs 10,784 crore, is basically a small-cap company. The commodity exchange operates a modern commodity derivatives exchange that offers online trading of commodity derivatives.
In the past month, the stock of the commodity exchange has surged by 18% as compared to a 1.4% jump in the benchmark BSE Sensex.
Rajiv is an independent editorial consultant for the last decade. Prior to this, he worked as a full-time journalist associated with various prominent print media houses. In his spare time, he loves to paint on canvas.
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